Business
Astec Industries Reports Fourth Quarter and Full Year 2019 Results
Fourth Quarter 2019 Highlights (all comparisons are made to the prior year fourth quarter): Net Sales decreased 10.7% to $283.2MGross profit of 12.2%;
About this update from Astec Industries, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Highlights (all comparisons are made to the prior year fourth quarter):\n Net Sales decreased 10.7% to $283.2MGross profit of 12.2%; adjusted gross profit of 21.5% decreased 250bpsEPS loss of $0.85; adjusted EPS of $0.40 decreased from $0.61 a year agoAdjusted EBITDA of $15.0M decreased 46.4%; adjusted EBITDA margin of 5.3% declined 350bps 2019 Highlights (all comparisons are made to the prior year): Net sales were relatively flat; adjusted net sales decreased 7.8% to $1.15BGross profit of 21.1%; adjusted gross profit of 22.0% decreased 180bpsEPS of $0.95; adjusted EPS of $1.59 decreased from $2.94 a year agoAdjusted EBITDA of $68.3M decreased 41.3%; adjusted EBITDA margin of 5.9% declined 340bpsBegan restructuring initiatives related to strategic pillars for profitable growth – Simplify, Focus and Grow CHATTANOOGA, Tenn., March 03, 2020 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial results for fourth quarter and full-year ended December 31, 2019. Fourth Quarter 2019 Results Fourth quarter net sales of $283.2 million decreased 10.7% compared to $317.0 million for the fourth quarter of 2018. Domestic sales of $209.6 million decreased 15.5% from $248.2 million a year ago, while International sales of $73.6 million increased 7.0% from $68.8 million in the fourth quarter of 2018. Excluding the impact of foreign currency, net sales decreased 10.4%. Backlog as of December 31, 2019 of $263.7 million decreased by $81.3 million, or 23.6% compared to the backlog of $344.9 million a year ago. Domestic backlog decreased by 25.4% to $194.5 million from $260.7 million in 2018. International backlog of $69.2 million decreased compared to $84.2 million last year. Although we experienced a decline in each segment, weakness was concentrated in the Aggregate and Mining Group as dealers had increased their inventory levels throughout 2018 to meet demand but then began to destock in 2019. An operating loss of $28.1 million compared to a loss of $69.4 million in the fourth quarter 2018. In relation to the company’s efforts to simplify the organization, the company incurred a $9.9 million pre-tax restructuring charge, or $0.34 per diluted share for the fourth quarter. The restructuring items are related to the expected sale of the GEFCO subsidiary, closure of our German operation and the tr...